Anbang in Talks with Kushner for NY Building Overhaul

January 7, 2017, 9:44 PM UTC
The building at 666 Fifth Avenue stands in New York, U.S., o
UNITED STATES - APRIL 25: The building at 666 Fifth Avenue stands in New York, U.S., on Friday, April 25, 2008. Carlyle Group, the world's second-largest private-equity firm, is poised to buy the retail portion of 666 Fifth Ave. building for $525 million in a transaction that would help the building's owner Jared Kushner repay debt, according to people familiar with the matter. (Photo by Jb Reed/Bloomberg via Getty Images)
Bloomberg Bloomberg via Getty Images

China’s Anbang Insurance Group is in talks to invest in a project to redevelop a flagship New York City building owned by Kushner Companies, the family real estate business run by U.S. President-elect Donald Trump’s son-in-law Jared Kushner, according to a person familiar with the discussions.

The talks to revitalize the 41-floor building located at 666 Fifth Avenue, were first reported by the New York Times on Saturday in an extensive article about Jared Kushner that detailed a November meeting between him and Anbang Chairman Wu Xiaohui days after Trump won the presidential election.

The deal has not been completed and key points remain in discussion, the newspaper reported, citing representatives for Jared Kushner. A source, who was not authorized to speak publicly, confirmed the talks to Reuters but did not elaborate.

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Representatives for Kushner and Trump did not respond to requests by Reuters for comment, while Anbang declined to comment.

Kushner is married to Trump’s daughter Ivanka and is the chief executive of Kushner Companies. He is believed to be in consideration for a senior White House role as a trusted confidant to his father-in-law, who takes office Jan. 20.

Kushner is studying with lawyers how we would have to divest and distance himself from the family business if he were to take a role in the Trump administration, the New York Times reported.

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Kushner will also have to determine whether federal anti-conflict of interest laws, which prohibit the hiring of a family member including a son-in-law, would preclude him working in a government run by Trump.

Privately-owned Anbang, established in 2004 as an auto insurer, has emerged as one of China’s most aggressive acquirers of overseas assets in the past two years, spending more than $30 billion buying luxury hotels, insurers and other property assets. It owns the famed Waldorf Astoria hotel in New York City.

The Fifth Avenue building was purchased by Kushner Companies in 2006 for $1.8 billion, which at the time was the highest sales price for a single building in Manhattan.